Recent tallies show almost a third of U.S. credit scores fall below 649. While not impossible, acquiring a mortgage loan will likely be more difficult and more expensive at this level than with higher scores. Here are the fundamentals to guide you in establishing and maintaining a healthy and legitimate credit score . The somewhat obvious: Borrow only what you can afford to repay. Make all of your payments on time. Avoid excessive requests or inquiries for credit. Have an emergency account to pay for unexpected expenses. Check your report annually to contest and remove any erroneous information. The not-so-obvious: Do not...READ MORE
Consumer spending slowed in August, as extended unemployment benefits ran out for millions of Americans. Despite being lower than expected, retail sales still increased 0.6%. The Fed left policy rates unchanged at this week's meeting and signaled near-zero rates will last through 2023 to aid the economy on its rebound from the coronavirus shutdowns. Jobless claims fell slightly less than expected last week, suggesting the labor market recovery has slowed. Nearly 30 million people remain on unemployment benefits....READ MORE
Producer prices rose a bit more than expected in August, as the cost of services increased solidly. Underlying wholesale inflation also continued to rise, but only slightly. Lawmakers still struggle to agree on a new stimulus package. Republicans have proposed a 'skinny' stimulus bill, and Democrats have said they will not support it. Jobless claims missed estimates last week as employment gains tapered. Continuing claims rose to 13.385 million, an indication that labor market improvement may be tailing off. ...READ MORE
In mid-August, Fannie Mae and Freddie Mac imposed an “adverse market conditions” fee on conventional refinance transactions equal to one-half of one percent of the loan amount causing an industry uproar and spike in rates. Last week, they offered a short reprieve by delaying the fee until December 1st. However, this fee will likely begin to impact refi rates well before since lenders cannot be certain if a loan will be delivered before the deadline. Rates are currently near all-time lows but will trend higher as the deadline nears. It is imperative to start the process as soon as possible and get your file in queue before...READ MORE
The Fed announced a new strategy this week to restore the labor market to full employment and lift inflation. Rising inflation typically pressures rates higher. A second reading of the 2nd quarter GDP showed the economy plunged by a worst-ever 31.7%. However, this was actually better than the initial estimates. Initial jobless claims last week came in at roughly 1 million, suggesting the labor market recovery could be stalling. Numbers should improve as businesses continue to reopen. ...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.